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the solution to circumvent US sanctions?

Admittedly, the Iranian government has always accepted that cryptos, especially bitcoin (BTC), are used to pay for imports. But, certain events have made Iran’s history with digital assets complex. For example, the Iranian central bank had banned crypto trading in the country in 2019. However, it seems that today the Iranian government sees crypto as the ultimate solution to improve the country’s economic situation.

bitcoin, Iran

Iran approves crypto regulations

Under tweet from Bitcoin Archive on August 29,” Iran has approved regulations for trade, mining and payment of imports ” in bitcoins (BTC) or altcoins. It seems that Iran has adopted this measure to circumvent US sanctions affecting its financial and banking sector. According to the country’s Trade Minister, this new regulation takes into account “ all questions related to cryptocurrencies ». The regulations explain, in particular, how to provide energy to exploit digital assets and on what basis to grant licenses.

The Minister of Industry, Mines and Trade, Reza Fatemi Amin, indicated that the regulations on the use of cryptocurrencies as a replacement for the dollar and the euro are ready by the government on Sunday. It must be said that Iran placed its first official cryptocurrency order in August. This order worth $ 10 million allowed Iran to test the possibility of using cryptos for various exchanges. It also made it possible to carry out transactions with other nations subject to a similar embargo.

Once not in favor of cryptos, Iran has finally decided to use them to circumvent US sanctions. Alireza Peymanpak, an Iranian deputy minister, made a statement on the subject. He affirmed: “By the end of September, the use of cryptocurrencies and smart contracts will be widely spread in foreign trade with target countries”.

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Luc Jose Adjinacou avatar
Luke Jose Adjinacou

Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.

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